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Old 07-07-2019, 06:20 PM  
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Adrian Peterson illustrates why some athletes quickly go broke.
I'll link to support journalism and spam ads, but the bottom line is that he took out a $4 million loan in 2016 at a 15 percent interest rate. He then missed the first payment which, according to the agreement, caused the interest rate to rise to 23 percent.

He paid some of it back, but the balance was due in 2018 and now he's been in court and has been ordered to pay $2.4 million.

So let's talk about everything that he did wrong here.

1. First off, you have career earnings of $99 million to date. Why do you need a loan in the first place?

2. Second, you got a loan at a 15 percent interest rate, which then rose to 23 percent? Really? Were you shopping for the highest rate you could find? Did you misunderstand that a lower rate is better?

3. Here's the web site of the company that loaned him the money. https://www.democracycapital.com/ It looks like a 14 year-old created the web site in ten minutes. If you do a whois on that site, you end up on this site http://jimplacknews.com/, where some guy is making an argument that he can help athletes manage their money, apparently by securing loans for them at outrageous interest rates.

4. If you're going to borrow a large amount of money at usury rates, don't miss a payment and pay it off as soon as possible.

What on earth was so valuable to Adrian Peterson that he would do something like this? This whole thing is pretty much the stupidest thing I've ever seen anyone do. If he borrowed $4 million at a 23 percent interest rate, that means that he's been paying about $1 million a year in interest over the past two years. He's grossing about $2.5 million per year with the Redskins https://www.spotrac.com/nfl/washingt...peterson-4753/, so by the time you take out agent fees and taxes and stuff, he's been paying roughly two-thirds of his annual take-home income in INTEREST payments on this single loan.

Is Adrian mentally challenged or something? It seems like someone ought to get sued or arrested over this.

https://www.espn.com/nfl/story/_/id/...d-pay-back-24m

It looks like it's not the first time he's done something like this, either. He borrowed $2.4 million in 2018 and defaulted on it. http://www.startribune.com/adrian-pe...000/473207503/ WTF are you doing, Adrian?
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Old 07-07-2019, 06:58 PM   #16
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He somehow had to make all his child support payments, and all the payday loan places in D.C. couldn’t combine for enough cash
Not that AP is living a stereotype...but how many kids by how many different baby mamas he gots?
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Old 07-07-2019, 06:58 PM   #17
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Couldn’t happen to a nicer child beater.....

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Old 07-07-2019, 06:59 PM   #18
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Couldn’t happen to a nicer child beater.....
Child beating therapy ain't cheap.
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Old 07-07-2019, 07:03 PM   #19
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Rain Man,

I found what Adrian Peterson bought with his loan.
That actually would be worth it. I'd love to have a skull like that.
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Old 07-07-2019, 07:05 PM   #20
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Child beating therapy ain't cheap.
You'd think the NFL + Redskins would be willing to foot the bill on that.

I'll bet the 12 kids from 9 different women costs a helluva lot more than the therapy...
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Old 07-07-2019, 07:11 PM   #21
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Originally Posted by rabblerouser View Post
You'd think the NFL + Redskins would be willing to foot the bill on that.

I'll bet the 12 kids from 9 different women costs a helluva lot more than the therapy...
There are some pretty prolific athletes out there: https://www.complex.com/sports/2015/...tory/garrincha
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Old 07-07-2019, 07:11 PM   #22
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Not that AP is living a stereotype...but how many kids by how many different baby mamas he gots?
at least 3 maybe more
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Old 07-07-2019, 07:40 PM   #23
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Old 07-07-2019, 08:02 PM   #24
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CP pools some money together and make loan to AP for 22%. Win-win
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Old 07-07-2019, 08:03 PM   #25
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Old 07-07-2019, 08:10 PM   #26
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CP pools some money together and make loan to AP for 22%. Win-win
****, I got $5 on it.
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Old 07-07-2019, 08:13 PM   #27
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Old 07-07-2019, 08:14 PM   #28
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CP pools some money together and make loan to AP for 22%. Win-win
Even at 22%, he gets nothing from me.
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Old 07-07-2019, 08:29 PM   #29
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Man, I don’t know about that. Some of their cheesecake is ****ing delicious!
It's pretty ****ing good...but not worth $5000.
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Old 07-07-2019, 08:29 PM   #30
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Even at 22%, he gets nothing from me.
That's fair; sounds like we'd get nothing from him.
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